This disclosure generally relates to a towable farm and garden implement trailer which has a modular receiver. The modular receiver is operatively configured to receive implements above or below the frame of the trailer. Implements which may be removably coupled to the underside of the trailer include such implements as a lawn de-thatcher, transport box, box blade, drag harrow, slurry blade, etc. Examples of implements which could be carried and removably coupled to the top side of the trailer frame include such implements as a spreader, tank, carrying platform, rototiller, mower, chipper, and other similar implements. In one form, the implement trailer comprises an actuator positioned between the frame and the wheels to allow the wheels to be raised and lowered with respect to the trailer frame.